Collector Car Prices back towards reality?

Wow, looks like the bottom is starting to fall out of the Corvette market. 61-62 NCRS fuelies previously $125,000 now $85,000 asking?
I was watching Barrett Jackson (creator of the bubble) the last 2 years and
saw the guy from Proteam buy up at least 6 Corvettes each at least $110,000. Then I thought, how is that guy going to get his money back. So I went to his website and it looks like he has lowered his prices and reduced his exposure. Smart move since there is more altitude to descend through.
As I say about real estate and the same for the collector car market."were these cars/ real estate ever really worth that much? Or was it just a new form of black tulip bulbs?
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"Where is Roger Smith When you Need Him?"

I want to laugh at people who took out loans of $500K, $1M to buy houses a few years ago and now are so far underwater they couldn't see sky with a periscope. I don't know what they or the banks that loaned the money were thinking, but I guess those of us who didn't get on board for the elevator ride now get to pay the price. Being responsible just doesn't pay.
AJM '93 40th Anniversary coupe, 6 sp (both tops)
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"Where is Roger Smith When you Need Him?"

Soooo true, even made me type here.
I am amazed at what people will pay for what is one wreck away from being scrap metal. And as an "investment"? When the economy goes in the dumper guess what the values do? And yeah, same true for houses. A house, or collector car, are not retirement investments. With housing this has been made worse by the fact thet there are so many Wall St. connected builders. (Centex, etx) Those guys will keep the market unpredictable. As resale values go up, they build more homes and the resales go back down. Been watching that here in central Texas for over ten years now.
More people need to tell the seller "keep it!"
Back to Corvettes.
Watched these values go over the map for many years. C6 comes out, C5 takes a hit, C5 comes out, C4 takes a hit.
But I didn't buy a Vette to worry about its value, I bought it because its just plain fun to drive. Step on gas...GO!
GeorgeC 92 Red/Red LT-1
Yup...tuilp bulbs (I like that analogy)
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It is the same with all collectables, be they gold, guns, cars or houses. Buy them cheap so if you have to sell cheap, you can.
Also pay cash if you can. Borrowing can kill you if the asset fails to go up in value.
Vito

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